Data from three primary FX venues has confirmed earlier releases from platforms indicating that while spot FX activity rebounded in May from a poor April, it remains lower around 20-25% lower year-on-year. Refinitiv says its platforms handled $86 billion per day in May, up 6.2% from April but down 19.6% from May 2018 and it […]
Tag: FX ADV
Data from three primary venues in the FX market confirms numbers from last week suggesting that turnover in April slumped, with one reporting an all-time low in activity and two others the quietest month since 2016. Refinitiv reports average daily volume of $81 billion across its FX spot offerings, a 16.5% drop from March and […]
Anecdotal evidence that February was a much quieter month for FX markets is reinforced by the first set of average daily volume (ADV) data reported by FX trading venues with all showing a month-on-month decline and only one a year-on-year rise.
FXSpotStream reports ADV of $34.8 billion in February, down 9.4% from January, but up 20.8% from February 2018.
Elsewhere, CboeFX says it handled $34.5 billion per day last month, a 4.2% decline month-on-month and a 21.9% decline from February 2018 – a month in which the platform set its highest ADV to date at $44.2 billion.
Finally in the first group to report data, Euronext’s FastmatchFX says it handled $18.1 billion per day in February, down 9.5% month-on-month and down 14.2% year-on-year. The FastmatchFX Tape also saw a month-on-month decline at $64.5 billion of notional value reported, this is down 3.4% from January, but still reflects a very healthy year-on-year increase from what was its second month of reporting in February 2018 when it handled $26.6 billion.
Fastmatch volumes are for spot FX products only, while CboeFX is spot and NDFs and FXSpotStream data is for all FX products, including FX swaps.
Data from a second group of platform providers has reinforced the message from the first two releases that while it didn’t pull up too many trees, December 2018 was a solid month for most that ended a good year. All providers reporting increased activity in the whole of 2018 compared to 2017. There was a more mixed message in the month-on-month data with only three providers reporting an increase from November, but the year-on-year data generally speaking gave grounds for optimism amongst providers.
Data from CboeFX and Fastmatch indicate that while there was an inevitable drop from November, FX activity in December was historically robust.
CboeFX, formerly HotspotFX, reports average daily volume (ADV) of $33.4 billion in December, 4.3% lower than November, but up 7.4% from December 2017. CboeFX data is based upon 21 trading days, it was open in Asia on December 25, but it was not even the quietest month in the year for the platform, that marker going to July at $33.2 billion.
Meanwhile, Euronext’s FastmatchFX report ADV of $19.1 billion, down 5.9% on the month but again up on the year – by 22.4%. Fastmatch data is based upon 20 trading days.
Completing a very mixed month-on-month picture for FX trading venues, Deutsche Borse’s 360T reports average daily volume (ADV) of EUR 74.7 billion in October, a fraction below last month’s EUR 75.7 billion.
Previously EBS, FastMatchFX, FXSpotStream, CboeFX and Integral had reported an increase from September, while CME Group and Refinitiv were slightly down.
Since July 2018, 360T’s data has included ADV from GTX, the platform it bought earlier this year, taking GTX’ October 2017 volume into account and reflecting it in euros indicates that the combined year-on-year turnover is up a fraction from EUR 74.4 billion last year.
CLS has reinforced the impression that FX markets were busier in September by reporting a 7.7% increase in volumes handled from August. Earlier this month a series of FX trading platform providers also mostly reported a month-on-month increase.
CLS says it handled $1.729 trillion per day in September, a 1.2% decline on a year-on-year basis. Of this, $1.199 trillion was FX swap volume, up 9.3% month-on-month and 5.4% up year-on-year. In contrast, FX outright volumes were flat month-on-month at $83 billion, and down 18.6% from September 2017, Spot FX volumes were a mixed bag, comparatively, up 5.1% from August at $447 billion per day, but down 12.3% year-on-year.
Deutsche Borse has reported that its foreign exchange business, 360T, handled average daily volume of EUR 75.7 billion in September.
This represents a 10.3% increase on August’s data and the exchange group’s website says it is also a 17% year-on-year increase, although at face value this may not be the case. Since July 2018, 360T has incorporated the volumes from Gain GTX, which it bought earlier this year, however it’s historic data does not appear to include GTX data reported at the time.
CME Group has reported the second busiest month for its FX contracts since September 2014. The exchange group reports that it handled 1.132 million contracts on a daily basis in September, a massive 28.2% increase on August. Profit & Loss estimates this to represent a notional value of $112 billion per day.
Year-on-year, activity is actually 15.4% lower at the Merc, with the previous September registering 1.23 million contracts.
Elsewhere, NEX Markets says it handled average daily volume of $86.1 billion, up 1.6% from August, but also down from the previous September, by 11.6%.
Thomson Reuters FX volumes rose slightly in August from July, while 360T’s – which now include Gain GTX turnover – fell slightly. Both were up year-on-year. Last week Thomson Reuters reported average daily turnover in all FX products of $403 billion, compared to $398 billion in July – this represents a 9.8% increase year-on-year.
Spot FX ADV at TR across its platforms was unchanged month-on-month at $94 billion, however it was up 14.6% higher than August 2017.
Deutsche Boerse’s 360T business line meanwhile, reports ADV of $68.6 billion in all FX products, a 4.2% decline from July.